Rupee sheds 4 paise against US dollar in opening

After opening higher, the rupee shed 3 paise to 65.29 against the US dollar in early trade today despite better-than-expected inflation numbers released yesterday.

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The Indian rupee fell 4 paise to 65.30 against the US dollar in opening on Friday despite better-than-expected inflation numbers released yesterday.

Reflecting improvement in the economic situation, industrial production grew by 7.1 percent in February, while key retail inflation slipped to a five-month low of 4.28 percent in March, official data showed yesterday.

The uptick in industrial production has been driven largely by the robust performance of the manufacturing sector coupled with a higher offtake of capital goods and consumer durables.

Retail inflation based on the Consumer Prime Index (CPI) moderated in March due to easing food prices, including vegetables.
Bhaskar Panda of HDFC Bank told CNBC-TV18 that the risk appetite will be back in play after the US President softened his stance both on Syria and ongoing trade war with China.

In India, the USD-INR should benefit in the beginning and trade in a range of  65.20-65.35 against the US dollar, he feels.

Yesterday, the rupee staged an impressive recovery from its five-month low towards the fag-end and closed higher by 5 paise to close at 65.26 against the US dollar.

Anand James Chief Market Strategist at Geojit Financial Services said firm domestic equity markets capped rupee’s fall in the previous session.

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